由于美联储降息路径缓慢和供应增加，比特币（BTC）市场预计中期将出现波动：Coinbase

Coinbase 分析师警告称，比特币 (BTC) 中期内可能会出现市场波动。分析师 David Duong 和 David Han 在每周评论中提到了美联储缓慢的降息路径以及市场上比特币供应的增加。

Coinbase analysts have warned that Bitcoin (BTC) may encounter market choppiness in the medium term due to several factors.

Coinbase 分析师警告称，由于多种因素，比特币（BTC）可能在中期内遭遇市场波动。

According to the analysts, the slower pace of Federal Reserve rate cuts and the increasing supply of BTC in the market could limit strong upside momentum on the charts.

分析师表示，美联储降息步伐放缓以及市场上比特币供应量的增加可能会限制图表上强劲的上行势头。

The recent U.S. economic data showed sticky inflation and strong labor markets, reducing expectations of more Fed rate cuts. Traders are now pricing the Fed to keep the rate unchanged at 4.25%-4.50% for the next FOMC meeting at the end of January.

近期美国经济数据显示通胀粘性和劳动力市场强劲，降低了美联储进一步降息的预期。交易员目前预计美联储将在 1 月底举行的下一次 FOMC 会议上将利率维持在 4.25%-4.50% 不变。

The analysis also highlighted a surge in BTC sell pressure, with a large amount of BTC being liquidated by long-term holders (LTH) in the $100k price zone. This LTH supply pressure could constrict BTC into a price range.

该分析还强调了 BTC 抛售压力的激增，大量 BTC 被 10 万美元价格区域的长期持有者 (LTH) 清算。这种 LTH 供应压力可能会将 BTC 限制在一个价格范围内。

"These supply-side dynamics suggest there could be a period of grinding consolidation for bitcoin in the coming months," the analysts said, adding that this is similar to the on-chain signals observed when BTC breached all-time highs in March 2024.

分析师表示：“这些供应方动态表明，未来几个月比特币可能会经历一段艰难的盘整期。”他补充说，这与 2024 年 3 月 BTC 突破历史高点时观察到的链上信号类似。

Despite the analysis, BTC managed to sweep the range lows and bounce, but the recovery stalled at $95k, reinforcing the $90k-$100k consolidation range mentioned by the analysts.

尽管有这样的分析，比特币还是成功扫过了区间低点并反弹，但复苏停滞在 9.5 万美元，强化了分析师提到的 9 万美元至 10 万美元的盘整区间。